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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessUSD/TRY Higher After Stimulus/Fed Developments; Locals Mull CBRT Inflation Report
- USD/TRY higher at the open after pulling lower following dovish tapering and inflation commentary from the Fed, coupled with a $1.9tn stimulus package from Biden, which pushed UST's & USD around.
- DXY more buoyant at the open after rejecting 90.20.
- May see choppy week-end trading today as markets mull US-side developments for signs of risks to EM positioning going forward.
- Lower CBRT 12-month inflation projection should bolster carry in TRY assets, albeit only slightly.
- However, a year-end estimate of >8.00 for USD/TRY may rattle optimism and temper the CBRT's de-dollarisation push.
- In the near-term USD/TRY short bias should still hold, with sell-side looking to re-allocate to shorts around 7.4117.
- 200dma holding at 7.3509 and has been tested 3 times, with long tails emerging on daily candles - indicating selling pressure into the rallies.
- Close below this level opens up a more comprehensive move lower towards the 7.00 handle.
- Intraday sup1: 7.3509, sup2: 7.3109, Res1: 7.4117, Res2: 7.4679
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.